CandleFocus Putin confirms BRICS will explore digital currencies for investment development
2024-10-18
Author: Content Editor
During the BRICS Business Forum in Moscow, Russian President Vladimir Putin announced that the group will continue discussing the use of digital currencies in investment developments as part of their strategy to reduce reliance on the US dollar. Putin mentioned that Russia, along with other BRICS members, has been working on a SWIFT-like financial messaging system and the use of national digital currencies. The bloc is also preparing to launch the BRICS Pay platform, a blockchain-based payment system aimed at facilitating cross-border transactions and reducing dependence on Western financial systems. Putin welcomed the inclusion of Egypt, Ethiopia, Iran, and the UAE into BRICS and emphasized that the bloc will generate the majority of global economic growth in the coming years. He outlined new financial initiatives, including a joint cross-border payments system and a reinsurance company, and called on the New Development Bank to invest in technology, infrastructure, e-commerce, and artificial intelligence across the Global South.
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